Roe, Soh, & Tow Limited Liability Partnership was organized and began operations on February 1, 2005, with the following capital account balances: Roe, $50,000; Soh, $70,000; Tow, $80,000. The income-sharing arrangement provided for the following:
For the fiscal year ended January 31, 2006, Roe, Soh, & Tow Limited Liability Partnership had income of $180,000, before recognition of salaries expense, and the partners withdrew their authorized salaries in cash.
Prepare journal entries (omit explanations) for Roe, Soh, & Tow Limited Liability Partnership on January 31, 2006.

Question

Roe, Soh, & Tow Limited Liability Partnership was organized and began operations on February 1, 2005, with the following capital account balances: Roe, $50,000; Soh, $70,000; Tow, $80,000. The income-sharing arrangement provided for the following: 
  For the fiscal year ended January 31, 2006, Roe, Soh, & Tow Limited Liability Partnership had income of $180,000, before recognition of salaries expense, and the partners withdrew their authorized salaries in cash.
Prepare journal entries (omit explanations) for Roe, Soh, & Tow Limited Liability Partnership on January 31, 2006.

Quizplus · Accepted Answer

The Answer of Roe, Soh, & Tow Limited Liability Partnership was organized and began operations on February 1, 2005, with the following capital account balances: Roe, $50,000; Soh, $70,000; Tow, $80,000. The income-sharing arrangement provided for the following: 
  For the fiscal year ended January 31, 2006, Roe, Soh, & Tow Limited Liability Partnership had income of $180,000, before recognition of salaries expense, and the partners withdrew their authorized salaries in cash.
Prepare journal entries (omit explanations) for Roe, Soh, & Tow Limited Liability Partnership on January 31, 2006.

Roe, Soh, & Tow Limited Liability Partnership Was Organized and Began